Abacus Life (NASDAQ:ABL) Releases Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Key Points

• Abacus Life (NASDAQ:ABL) reported a quarterly earnings of $0.22 per share, exceeding the consensus estimate of $0.16 by $0.06.
• The company achieved a revenue of $56.23 million, significantly higher than the anticipated $43.38 million.
• Abacus Life's stock saw an increase of 8.0% following the earnings announcement, reaching $5.94 with a market capitalization of $575.31 million.

Abacus Life (NASDAQ:ABL - Get Free Report) posted its quarterly earnings data on Thursday. The company reported $0.22 EPS for the quarter, beating the consensus estimate of $0.16 by $0.06, Zacks reports. Abacus Life had a negative net margin of 0.72% and a positive return on equity of 18.19%. The business had revenue of $56.23 million during the quarter, compared to analyst estimates of $43.38 million.

Abacus Life Stock Performance

NASDAQ:ABL traded up $0.01 during trading hours on Wednesday, reaching $6.30. 151,491 shares of the stock were exchanged, compared to its average volume of 599,697. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 0.55. The firm has a 50 day simple moving average of $5.48 and a 200-day simple moving average of $7.01. Abacus Life has a 52 week low of $4.60 and a 52 week high of $11.00. The stock has a market capitalization of $609.96 million, a P/E ratio of -105.75 and a beta of 0.01.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Goldman Sachs Group Inc. lifted its holdings in shares of Abacus Life by 13.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,928,293 shares of the company's stock worth $14,443,000 after purchasing an additional 221,712 shares during the last quarter. Bison Wealth LLC boosted its position in Abacus Life by 492.0% during the 4th quarter. Bison Wealth LLC now owns 61,125 shares of the company's stock worth $479,000 after acquiring an additional 50,800 shares during the period. Geode Capital Management LLC boosted its position in Abacus Life by 4.5% during the 2nd quarter. Geode Capital Management LLC now owns 346,082 shares of the company's stock worth $1,780,000 after acquiring an additional 14,917 shares during the period. Finally, Legal & General Group Plc acquired a new position in Abacus Life during the 2nd quarter worth $34,000.

Analyst Ratings Changes

ABL has been the topic of several research analyst reports. Wall Street Zen raised Abacus Life from a "hold" rating to a "buy" rating in a research report on Saturday. Maxim Group began coverage on Abacus Life in a research report on Tuesday, April 29th. They set a "buy" rating and a $14.00 price target on the stock. Finally, Piper Sandler lowered their target price on Abacus Life from $12.00 to $10.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 2nd. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $13.70.

About Abacus Life

Abacus Life, Inc operates as an alternative asset manager specializing in life insurance products. It purchases life insurance policies from consumers seeking liquidity and manages policies over time via trading, holding, and/or servicing. The company was founded in 2004 and is based in Orlando, Florida.